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Missing $20 bn: Again, NNPC fails to refund $1.48 bn

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For the umpteenth time, the Nigerian National Petroleum Corporation, NNPC, on Tuesday failed to refund to the Federation Account $1.48 billion balance of an alleged missing $20 billion oil money.

An audit ordered by the Goodluck Jonathan administration recommended that $1.48 billion be paid by NNPC to the government.

The review followed an allegation by a former governor of the Central Bank of Nigeria, Lamido Sanusi, who accused the NNPC of failing to account for $20 billion oil money.

Since the submission of the audit report February, Nigeria’s 36 state governments have been clamouring for the money to be quickly paid by the NNPC and shared between the federal and state governments.

But the oil company has failed to pay the comply during past revenue sharing meetings between the states and the federal government.

On Tuesday, the Permanent Secretary, Federal Ministry of Finance, Anastasia Daniel-Nwokobia, said at the end of the Federation Accounts Allocation Committee (FAAC) meeting for May, that no explanation was given by the corporation for its inability to remit the money as recommended.

“The issue of the refund of the $1.48 bn recommended in the forensic audit report was not discussed, and so no refund was made, apart from the N6.33 bn refunded as part of the N450 bn oil revenue it owed the Federal Government since 2011,” Mrs. Daniel-Nwokobia said.

At the end of the meeting, the Permanent Secretary said gross revenue receipt for the month was about N324.06 bn, which was higher than the N282.062 bn received in May by about N41.999 bn. Total distributable revenues between the Federal and the 36 state governments put about N409.5 bn.

Details of the allocation released at the end of the meeting showed that mineral revenue was N225.167 bn, while non-mineral revenue was N98.89 bn.

Net statutory allocation, she said, stood at N317.236 bn, which included N2.403 bn as 4% cost of collection by the Federal Inland Revenue Service (FIRS), N2.88 bn as 7% cost of collection for the Nigeria Customs Service (NCS) and N1.54 bn as 4% cost of collection by the Department of Petroleum Resources (DPR).

The Federal Government received about N151.805 bn, while the states received N76.98 bn and Local Governments N59.36 bn. The nine oil mineral producing states were allocated N29.7 bn.

There was also exchange gain of N31.24 bn proposed for distribution, while value added tax realised for the month was N418.452 bn.

According to the Permanent Secretary, delays in the issuance of the third quarter 2015 Export Permit lead to a drop of about 160,000 barrels of oil per day in April, apart from several shutdowns and shut-ins of the trunk and pipelines at oil terminals, which continued to negatively impact crude oil revenue.

However, she said an increase in the average price of crude oil from $56.04 per barrel in March 2015 to $59.88 per barrel in April brought $19.7 mn revenue gain for the month, while non-oil revenues are expected to perform better in the later art of the year due to some mechanisms put in place by the FIRS.

On the balance of the excess crude account (ECA), she said the amount stood at $2.078 bn.

On why the FAAC was shifted from the earlier schedule of June 15 and 16, Mrs. Daniel-Nwokobia said since the governments at all levels have in the country have been in transition after the May 29 handover to a new administration, there was need to wait.

“Most of the states are yet to appoint their commissioners and reconstitute their executive councils. The FAAC secretariat had to liaise with the states to know who would be representing them at the meeting

Again a few days to the FAAC meeting, the Accountant General of the Federation retired on June 12, necessitating clearance to be sought on who should take the office, in view of the critical role it has to play in the meeting,” she said

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EYT 2026: ETIA Promotes Practical Skills for Young Engineers, Rallies Industry Leaders

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EYT 2026: ETIA Promotes Practical Skills for Young Engineers, Rallies Industry Leaders

 

 

Concerns over the growing disconnect between engineering education and industry needs in Nigeria came into sharp focus at the second edition of the Engineering Your Tomorrow (EYT) Summit 2026, where stakeholders called for urgent reforms to produce industry-ready graduates capable of competing globally.

 

The summit, held today in Agbara, Ogun State, organised by Emma-tob International Academy (ETIA), brought together industry leaders, educators, recruiters, and students in a renewed push to bridge the gap between theory and real-world application.

 

A Vision Born from Experience

Convener of the summit and Director of ETIA, Engr. Debbie Oreoluwa Omolola, said her exposure to global engineering standards in the United Kingdom inspired the initiative.

“When I had conversations with engineering students here, I saw that they were struggling from a practical standpoint, and it is not their fault,” she said.

“There is a massive skill gap in tertiary and private institutions in Nigeria.”

She explained that the vision behind EYT and ETIA goes beyond academic certification.

“The vision is not just to educate and give you a certification… what we want to do is give you a career that can sustain you and your family,” she added.

 

From Idea to Movement

In his welcome address, Managing Director of Emma-tob Engineering, Pastor Emmanuel Omolola, described EYT as more than just an event.

“It is a high-impact platform dedicated to redefining engineering where innovation meets sustainability and where talents meet opportunities,” he said.

“Our mission is to enhance employability, drive innovation and contribute meaningfully to modern industries.”

He noted that ETIA was established to close the long-standing gap between classroom knowledge and practical application.

“We are building a platform that equips individuals with industry-ready skills in fabrication, precision engineering, manufacturing and technical services,” he said.

“At ETIA, we believe that excellence in engineering is measured by results.”

 

Industry Perspective: ‘Degrees Are Not Enough’

Chairman of the day and Factory Manager at Nestlé Nigeria, Mr. Talla Fall, stressed that academic qualifications alone are no longer sufficient.

“It is not just what you know… what matters more is what you do with what you know,” he said.

“Sometimes we receive engineers, but they cannot do anything.”

Highlighting the importance of practical exposure, he added:

“Education must not stop in the classroom but extend into workshops, industries and the real world.”

Fall also underscored Nigeria’s demographic advantage.

“Nigeria’s greatest resource is not oil… it is the young generation,” he said.

“If you rise, Nigeria will rise, and Africa will rise.”

 

Recruiters Raise Red Flags

From the hiring side, Human Resource professional Mr. Afolarin Afolayan painted a worrying picture of graduate readiness.

“Organisations are frustrated because many graduates lack soft skills like mindset and attitude, and even basic tools like Microsoft Word, Excel and PowerPoint,” he said.

“They know theories but have little or no practical experience.”

He also pointed to the impact of migration on workforce stability.

“The ‘Japa’ syndrome affects talent planning, as trained staff often leave the country without clear long-term plans,” he added.

 

Technology and the Future of Engineering

Delivering the keynote, Factory Engineering Manager Mr. Saheed Kareem highlighted the transformative role of Artificial Intelligence (AI) in engineering and everyday life.

“Artificial Intelligence is simulating human intelligence using machines to solve real-life problems,” he said.

“We are already living with AI, even if we don’t acknowledge it.”

Using examples from food delivery platforms to smart health devices, he explained how AI is reshaping industries.

“AI is removing human effort and stress, allowing us to focus on more important tasks,” he noted.

Kareem warned that adaptation is no longer optional.

“It has become a mandatory skill for everyone to thrive,” he said.

“In five years, AI will take over many processes completely.”

He, however, cautioned about risks such as cybercrime and ethical concerns.

“We must understand the legal implications and embrace AI responsibly,” he added.

 

Students Demand Industry Exposure

Students from universities including the University of Lagos and Lagos State University welcomed the initiative but called for more consistent engagement with industry.

“We are grateful for this platform, but we need more opportunities to interact with industry before graduation,” a student participant said.

Another added:

“Programs like this help us understand the realities of engineering beyond the classroom.”

 

A Call to Action

Across board, speakers agreed that Nigeria’s engineering future depends on deliberate collaboration between academia and industry.

“It is not enough to wish for change — you have to be the change,” said Mr. Talla Fall.

For the organisers, the summit represents a long-term commitment to transformation.

“EYT is not just an event; it is a movement,” said Engr. Debbie Omolola.

“We are building engineers who are innovative, practical and globally competitive.”

 

EYT 2026: ETIA Promotes Practical Skills for Young Engineers, Rallies Industry Leaders

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ZENITH BANK CROSSES N1 TRILLION MARK IN Q1 2026 GROSS EARNINGS

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ZENITH BANK EMERGES NIGERIA’S NUMBER ONE BANK BY TIER-1 CAPITAL FOR THE SIXTEENTH CONSECUTIVE YEAR IN THE 2025 TOP 1000 WORLD BANKS’ RANKING

 

ZENITH BANK CROSSES N1 TRILLION MARK IN Q1 2026 GROSS EARNINGS

 

 

Zenith Bank Plc has announced its unaudited results for the first quarter ended 31st March 2026, with a 6% growth in Gross Earnings, from N950 billion reported in Q1 2025 to N1.01 trillion in Q1 2026. This is despite the challenging operating environment and tightening monetary policy stance.

 

From the unaudited statement of account submitted to the Nigerian Exchange (NGX) on Thursday, 30th April 2026, this growth was driven by increase in interest income and non-interest income. The increase in interest income was primarily due to the expansion of the Bank’s risk asset portfolio, supported by disciplined, risk adjusted pricing. Interest expense moderated by 5% YoY in Q1 2026 underscored by a continued optimisation of the Bank’s deposit mix and funding structure. This resulted in a 7% growth in net interest income from N591 billion in Q1 2025 to N634 billion in Q1 2026. Non-interest income also improved 19% year on year, rising from N89 billion to N106 billion, highlighting an improvement in fees and commissions and higher contributions from other operating income streams. This performance reflects stronger customer activity and deeper transaction volumes across key business channels.

 

As a result, the Group recorded a 3% year on year increase in profit before tax, which rose to N361 billion compared with N351 billion in Q1 2025. Profit after tax also increased by 1% to N314 billion.

 

Profitability was further supported by a decline in cost of funds to 3.76% in Q1 2026 from 3.90% in Q1 2025; while cost of risk moderated to 2% in Q1 2026, reflecting a prudent and proactive risk management stance in an elevated yield environment.

 

Gross loans increased by 9% from N11.06 trillion as at full year 2025 to N12.04 trillion in Q1 2026, reflecting the continued commitment to carefully deploying credit into high growth sectors of the economy that enhance portfolio returns. Asset quality strengthened as Non-Performing Loan (NPL) ratio eased to 3.79%, from 3.82% reported in December 2025, underpinned by disciplined credit risk management. Customer deposits rose to N24.47 trillion in Q1 2026, while total assets increased by 2% to N32.01 trillion over the same period.

 

Return on Average Equity (ROAE) and Return on Average Assets (ROAA) stood at 24.9% and 4% respectively, supported by strong top line earnings and enhanced balance sheet efficiency. Net interest margin (NIM) strengthened to 12.5%, up from 10.3% in Q1 2025, underscoring the Group’s ability to preserve its margins and deliver improved shareholder returns. Prudential ratios remained strong and comfortably above regulatory requirements.

 

The Group’s Capital Adequacy Ratio (CAR) and Liquidity Ratio stood at 23.5% and 71% respectively, while the coverage ratio remained strong at 169%, reinforcing the Bank’s resilient capital and liquidity position.

 

The Group’s Q1 2026 performance underscores its continued focus on sustaining high quality earnings growth, further strengthening asset quality, and deepening customer engagement through continued digital innovation. The Bank remains firmly committed to delivering sustainable growth anchored on sound corporate governance, prudent risk oversight, and disciplined capital allocation.

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Enough Is the New Powerful: Imperfectly Awesome Conversations IAC 4.0 Ignites Bold Conversation on Resilience, Tenacity and Authenticity

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Enough Is the New Powerful: Imperfectly Awesome Conversations IAC 4.0 Ignites Bold Conversation on Resilience, Tenacity and Authenticity

 

The fourth edition of the Imperfectly Awesome Conversations Summit is set to take center stage on Sunday, May 3, 2026, at the MUSON Centre, Lagos. Building on the growing momentum of previous editions, this year’s summit signals a deliberate and powerful shift from inspiration to activation with a structured intervention aimed at reshaping how individuals navigate identity, adversity, and personal growth in an increasingly demanding world.

 

Accordingly, IAC 4.0 is positioned as a catalytic platform designed to challenge existing narratives, provoke deeper thinking, and ultimately drive a new paradigm across leadership, personal development, and the broader communications ecosystem.

 

Convened by renowned marketing and communications leader, Omotola Bamigbaiye, the Imperfectly Awesome movement has steadily evolved from a deeply personal literary expression into a dynamic, living experience. Initially birthed through her book, Imperfectly Awesome, the initiative has, over time, transformed into an influential annual convergence where authenticity takes precedence and real-life journeys redefine success.

 

By centering the message of “being enough,” the summit challenges limiting narratives that hinder innovation, leadership, and inclusive progress. The summit will deliver two high-impact panel sessions:

* Resilience & Tenacity — examining how individuals and organizations can sustain performance and purpose amid disruption

* Authenticity: Embracing Your Whole Self — exploring the role of self-awareness and identity in effective leadership and lived experience

Additionally, a maiden edition of IAC awards to recognize and spotlight individuals and organizations whose journeys exemplify courage, consistency, and meaningful societal impact.

 

As anticipation intensifies, attention increasingly turns to the calibre of speakers confirmed for this year’s edition, these are individuals whose personal and professional trajectories reflect resilience, leadership, and transformative impact.

 

Leading the conversation will be Dr Segun Ogunsanya , Chairman Airtel Africa Foundation and  Mrs Godrey Ogbechie, Group Executive Director, Rain Oil Limited.  Additionally, Hon Mojisola Meranda, Deputy Speaker of the Lagos State House of Assembly, Moremi Ojudu, Senior Special Assistant to the President on Community Engagement (South-West), O’tega Ogra, Senior Special Assistant to the President on Digital Engagement and New Media,  Dr Folayinka Dania, Chief Resilience Officer for Lagos State and CEO of the Lagos State Resilience Office, Princess Sarah Sosan, Former Deputy Governor of Lagos Sate and others whose presence is expected to bring strong perspectives on governance, inclusion, and purposeful leadership. Furthermore, panelists will offer critical insights into grassroots connection, deepen discussions around adaptability, systems thinking, sustainable leadership in uncertain environments. Citizen engagement, and the power of community-driven change.

 

Collectively, these speakers will not only share success stories; rather, they will unpack the realities behind those successes, moments of doubt, setbacks, recalibration, and eventual triumph. Consequently, attendees will engage with narratives that are honest, unfiltered, and deeply human, thereby reinforcing the summit’s core philosophy, which is, that imperfection, when embraced, becomes a powerful driver of growth.

 

Moreover, the 2026 edition introduces a sharpened thematic focus centred on courage over comfort, consistency over perfection, and action over Fear. Through this lens, the summit will actively encourage participants to move beyond passive inspiration and instead adopt deliberate, actionable mindsets capable of reshaping both personal and professional trajectories.

 

Attendance remains open to the public and notably, participation is free.

Interested individuals are encouraged to register via the official links:

[https://luma.com/5r5s19u9](https://luma.com/5r5s19u9)

About Imperfectly Awesome Conversations

Imperfectly Awesome Conversations is a purpose-driven platform inspired by Dr. Omotola Bamigbaiye’s work and philosophy. It is dedicated to fostering authenticity, resilience, and personal transformation by creating spaces where people can share their journeys, embrace their stories, and realize their inherent worth.

 

IAC 4.0 is deliberately designed to:

* Amplify underrepresented voices and lived experiences often excluded from mainstream narratives

* Promote practical inclusion as an everyday responsibility across workplaces and communities

* Advance mental well-being conversations by normalizing vulnerability and self-acceptance

* Encourage actionable change, equipping attendees to translate insights into personal and professional impact

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